Sompo Asset Management Co. Ltd. Sells 1,660 Shares of Intuit Inc. (NASDAQ:INTU)

Sompo Asset Management Co. Ltd. trimmed its position in Intuit Inc. (NASDAQ:INTU) by 36.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,900 shares of the software maker’s stock after selling 1,660 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Intuit were worth $1,801,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in INTU. EntryPoint Capital LLC purchased a new position in shares of Intuit in the 1st quarter worth $60,000. Caxton Associates LP purchased a new position in Intuit in the first quarter worth about $754,000. Zurich Insurance Group Ltd FI grew its position in Intuit by 11.6% in the first quarter. Zurich Insurance Group Ltd FI now owns 141,023 shares of the software maker’s stock worth $91,665,000 after acquiring an additional 14,648 shares in the last quarter. Captrust Financial Advisors increased its stake in Intuit by 4.7% during the first quarter. Captrust Financial Advisors now owns 57,646 shares of the software maker’s stock worth $37,470,000 after acquiring an additional 2,614 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC raised its position in Intuit by 15.8% during the first quarter. Silvercrest Asset Management Group LLC now owns 10,769 shares of the software maker’s stock valued at $7,000,000 after purchasing an additional 1,468 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. StockNews.com cut Intuit from a “buy” rating to a “hold” rating in a report on Friday. Scotiabank initiated coverage on shares of Intuit in a research note on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective for the company. Piper Sandler cut their price objective on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research report on Friday. Susquehanna restated a “positive” rating and issued a $757.00 target price on shares of Intuit in a report on Friday, August 16th. Finally, Jefferies Financial Group upped their price target on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a report on Friday. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $737.44.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now owns 3,840 shares in the company, valued at $2,384,755.20. The trade was a 18.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock valued at $35,220,046 over the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Intuit Stock Performance

Shares of Intuit stock opened at $640.12 on Friday. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78. The stock’s fifty day moving average price is $634.81 and its 200-day moving average price is $631.20. The firm has a market cap of $179.31 billion, a P/E ratio of 62.15, a P/E/G ratio of 3.32 and a beta of 1.25. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.28%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter last year, the firm posted $1.14 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities research analysts expect that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.